Fiscal multipliers in a small open economy: the case of Austria

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ČAPEK Jan CRESPO CUARESMA Jesús HOLLER Johannes SCHUSTER Philip

Rok publikování 2022
Druh Článek v odborném periodiku
Časopis / Zdroj Oxford Economic Papers
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
www https://doi.org/10.1093/oep/gpab027
Doi http://dx.doi.org/10.1093/oep/gpab027
Klíčová slova fiscal multiplier;small open economy;SVAR;FAVAR;Austria
Popis We estimate fiscal multipliers for Austria in a framework of model uncertainty emanating from the choice of a particular econometric model. We present a comprehensive framework that allows to assess the effects of different multiplier definitions and choices related to the data, the model employed, and further technical choices associated with the specification of the model exert on fiscal multiplier estimates. The mean present-value government spending multiplier over all models entertained, based on around 3,000 estimates, is 0.68. Estimates of the peak spending multiplier for Austria tend to be larger than present-value spending multipliers, with a mean value of 0.85. The magnitude of the present-value tax multiplier is relatively high, with an average value across specifications of -1.12 and the mean peak tax multiplier is -0.54 for all specifications used.
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